We advised global real estate investment company, Kennedy Wilson, on its acquisition of a portfolio of 124 apartments in the Dublin Docklands.
Northbank Apartments, which also includes 68 parking spaces and a ground floor commercial unit, was purchased from Jarmar Properties Limited (in receivership) acting through receiver David Carson of Deloitte.
Beauchamps advised Kennedy Wilson on the acquisition and financing of the deal.
This deal was important to our client as the Northbank development is one of the few remaining unbroken 100+ unit multifamily assets left to trade in Dublin and this acquisition plays a key part in Kennedy Wilson’s plan to more than double its multifamily business in Europe to 5,000 units over the coming years. This acquisition also significantly increases Kennedy Wilson’s presence in the Docklands area of Dublin, which has been undergoing substantial development over the last two years.
Once fully let, it is estimated that Kennedy Wilson’s income from the scheme would be around €2.63 million per year.